Did You Pay Too Much For Your Jewellery
When choosing which jewellery to wear, do you ever wonder what it’s really worth? I’m not refering to the price you purchased it for, but the price that you would get for it if you sold it today.
There are a number of factors that you need to take into account, this makes finding that magic number alot harder. You have to remember though that when you bought that lovely piece of silver jewellery, you payed the price that the shop was selling it for, which is not the price it’s worth.
When buying jewellery from a store, you have to pay the mark up that the store puts on to make a profit, plus the manufacturers fee that they charged the store for the item. This figure is very difficult to come across, but what is even harder is trying to get the figure that the manufacturer puts on the item. The manufacturer will put their own mark up onto the item to make sure they make a profit on it.
Due to those factors, you never pay the actual value of the item, so how do you figure out the true value? The largest factor that affects the price is the value of the raw materials that have been used to make the item. Say you have some silver gemstone jewellery or silver pendants. By weighing the precious metals and finding out the current scrap price for the metal, you can work out the value of the materials used in your jewellery. You should also look at other materials that are on the piece, jewels are a big one, a local jeweller will be able to value these for you.
The price of the raw materials will often come as a shock to you, this is because the value of the raw materials will only be around 10% of the actual price you payed for it. There are a number of other factors that can increase the value of your piece.
When selling jewellery, sentimental value also comes into account, a piece of jewellery that means something to you will be worth more than something that you don’t care much about. The manufacturer of the piece also has an affect on the value. If you manufacturer is famous, this will add some value to your jewellery piece. This value can be hard to judge because the way the manufacturer gets known can come down to a number of ways, whether it’s the quality of work, or a celebrity wears the make of jewellery.
Overall the value of your jewellery will be less than the price you payed for it in the first place. Unfortunately that the way the manufacturer and the jewellery store makes their money.